Barry Slatt Mortgage Company, on behalf of a California based investor, completed the acquisition financing for a 78,000 SF regional shopping center located in Goodlettsville, Tennessee (Nashville MSA). The investor, who acquired the shopping center from one of Barry Slatt Mortgage Company’s correspondent lenders, secured 10-year fixed-rate financing in the amount of $7,373,000 or approximately 73% loan to purchase price. The sub 4% interest rate financing was sourced through one of Barry Slatt Mortgage Company’s CMBS correspondents. Slatt negotiated 2-years of interest only followed by a 30-year amortization and was able to cap on-going reserves for tenant improvement and leasing commission for the borrower. In addition, Barry Slatt worked with the buyer on their disposition/loan assumption for the sale property for their 1031 exchange. Barry Slatt will service this loan as part of its $4.2 billion servicing portfolio.
